Voyager & LGO have undertaken a rare project of a token merger, and in this article, we wanted to explain why we did it, how it will work, and illuminate our exciting plans for our tokens and communities.
Since our formal announcement last week, many of our customers, token holders, and investors have asked what it means to do a token merger. After a week of receiving direct messages on Twitter, Telegram, and even some emails, the Voyager and LGO teams are proud to share our token merger plans.
First, the why – both parties are very excited about this merger as we have seen that the only way to operate globally is in a regulated manner, as we all know what happens when companies try to operate without taking regulation into consideration.
Both Voyager and LGO had many choices on how to expand their businesses, but building a global agency broker to service retail and institutional customers was top priority for both teams.
In doing the token merger, both companies wanted to do something special that no two independent companies had done before. By bringing two leading global communities together, this merger is truly groundbreaking and something that will generate long-term value and utility for both token holders and investors.
Now, the how – with the merger, LGO & VGX token holders will swap for a new token complete with a new symbol that has yet to be determined. The new token’s key component is to be decentralized and utilized in the global Voyager ecosystem. After the token swap is initiated, the community will vote on the proposals that affect the overall token’s allocation and utilization.
Upon completion of the token merger, users will be able to stake the newly minted token to receive 7% annual interest. After one year, the community will then vote on whether to keep, raise, or lower the 7% staked interest rate.
This new decentralized token will be the core of Voyager’s global expansion, including building a more significant community and delivering rewards for different actions completed on the Voyager platform, and building a tier-based loyalty program.
After the swap, there will be 255,491,293 (a 1:1 ratio for current VGX token holders) tokens split between VGX and LGO holders, 222,295,208 to VGX holders and 33,196,085 to LGO holders. Both VGX and LGO holders will be able to swap their tokens for the new Voyager token via a smart contract. The Voyager team allotted over 45-days for customers to swap their tokens. The token swap portal is now closed.
There is also an annual allocation pool to grow the community and encourage staking of the Voyager token through rewards on the Voyager debit card, use of the Voyager credit card, cash back on trading on Voyager trading platforms, and other holding and utility incentives. The dedicated growth and incentive pool will initially be 40mm tokens for the first year, 20mm for the second year, and then 10mm per year over the next 6 years.
After three years, the community will have the option to amend or terminate the allocation pool. In no way is Voyager permitted to sell the allocation pool in the market or directly to 3rd parties. As mentioned earlier, interest will be 7% in year 1, and those tokens will be minted as earned for those staking. After the first year, the community will then determine future interest rates and the minting of tokens.
I speak for both LGO and Voyager when I say that we are very excited about the future of Voyager, its community, and its global expansion. I have been part of many businesses, including my time at E*TRADE, where I was part of the team that helped transform E*TRADE into a leading online agency broker. I see so many similarities where Voyager and its agency model is ready to break out and be the leader of the global industry.
Our goals for the Voyager token are to power our fast and vastly growing ecosystem and to also contribute to our future expansion plans. Stay tuned for more development, as we play our part in ushering in the financial revolution.